Home Purchase Loans Plunge to 12-Year Low as High Mortgage Rates Crush Affordability
Home purchase loans in the United States fell to a 12‑year low in Q1 2026, with originations dropping 19% quarter‑over‑quarter to 581,000. Elevated home prices and mortgage rates above 6% squeezed affordability, pushing total residential mortgage originations down 13% to $577.7 billion. The average 30‑year fixed rate climbed to 6.46% by early April, further dampening buyer demand. Only two Arizona metros, Yuma and Tucson, bucked the trend with modest growth.
Florida Gov. Ron DeSantis Unveils His Plan To Virtually Eliminate Property Taxes
Florida Governor Ron DeSantis announced a plan to raise the homestead exemption from $50,000 to $250,000, which he says would eliminate property taxes for roughly 60% of owner‑occupied homes. The proposal would be placed on a November ballot after a...
Mortgage Applications for Refinancing Drop 18% as Interest Rates Rise
Mortgage refinance applications fell 18% week‑over‑week as the average 30‑year fixed rate rose to 6.65%, the highest level since August 2025. Despite the drop, refinance volume remains 19% higher than a year ago when rates were even steeper. Purchase applications...
How Chattanooga Boosted Affordable Housing Without Direct Subsidies
Chattanooga launched a Payment in Lieu of Taxes (PILOT) program that offers developers a 15‑year property‑tax abatement when they include affordable rental units. The city’s first 278‑unit project, approved in October, will deliver 42 units priced at 60‑80% of area...
Maryland ‘Was Getting in the Way’ of Affordable Housing, Governor Says in Signing New Laws
Governor Wes Moore signed the Maryland Transit and Housing Opportunity Act, creating enterprise zones around major transit stations and earmarking about 300 acres for up to 7,000 new housing units beginning in 2027. A companion Housing Certainty Act prevents retroactive...
This Lower Hudson Valley Luxury Enclave With a $17M Entry Point Draws Athletes and Celebs
Purchase, NY, a tiny enclave in Westchester, has become the priciest ultra‑luxury market in the Lower Hudson Valley, with a $17.3 million entry price for the top 10% of homes. The median home value sits at $6.5 million and listings average $12‑30 million,...
Listing Prices Are Falling, but Resurgent Mortgage Rates Have Buyers Spooked
The national median listing price fell 2.3% year‑over‑year for the week ending May 16, marking the 18th consecutive week of declines, while the 30‑year fixed mortgage rate jumped to 6.51%, adding roughly $230 to monthly payments on a median‑priced home. Active...
Most Homes Are Still Listing Under $300,000 in These 6 Cities
April data from Realtor.com shows six Rust Belt cities with median home listings under $300,000, led by Pittsburgh at $248,625 and Detroit at $248,900. All six markets recorded double‑digit year‑over‑year growth in active listings, indicating a surge in inventory. Their...
Real Estate Broker Challenges ‘Insane’ Law Requiring an Office With Landline Phone
Pennsylvania broker Kevin Gaughen has filed a lawsuit to overturn a century‑old state law that forces real‑estate professionals to maintain a dedicated office with a landline phone, filing cabinets and a separate entrance. Gaughen argues the rule costs him about...
The Ultimate Playbook To Buying a Home Without 20% Down Using Grants and Assistance Programs
Buying a home no longer requires a 20% down payment thanks to a wide array of down‑payment assistance programs. Federal options like FHA, VA, USDA and Fannie Mae loans can reduce required equity to as low as 3% or even zero,...
Wells Fargo Settles Mortgage Discrimination Suit With $100M Fund To Help Low-Income Homebuyers
Wells Fargo agreed to a court‑approved settlement that creates a $100 million, three‑year mortgage assistance program for low‑ and moderate‑income homebuyers in 50 U.S. cities. The bank also will pay $10 million to shareholders and faced a $27.5 million legal‑fee award to plaintiffs’...
Mortgage Rates Surge to 6.51% In Wake of Bond Sell-Off: Why Homebuyers Still Have ‘Opportunity’ to Strike
Mortgage rates jumped to a nine‑month peak of 6.51% for 30‑year fixed loans in the week ending May 21, up 15 basis points from the prior week. The rise mirrors a surge in Treasury yields, with the 10‑year hitting 4.67%...
Single-Family Home Construction Slows in April as Builders Grapple With Rising Rates
U.S. single‑family housing starts slipped 9% month‑over‑month in April, reaching a seasonally adjusted annual rate of 930,000 and falling 2.4% from a year earlier. By contrast, multifamily starts surged 11.5% year‑over‑year to 514,000 units, lifting total housing starts. Builder confidence...
California’s $33 Million Tiny Home Bet Restarts in L.A. as Homelessness Funding Faces Steep Cuts
California has revived its $33 million tiny‑home initiative with a groundbreaking ceremony in East Hollywood, Los Angeles, to create 51 beds, including 10 for transitional youth. Governor Gavin Newsom earmarked the funds in 2023 for roughly 1,200 units statewide, with Los Angeles...
Housing Market Silver Linings: Why Homebuyers Are Finding Relief Despite ‘Inflation Contagion’
Despite persistent inflation contagion eroding real wages, the U.S. housing market shows several bright spots. Mortgage rates nudged lower to 6.36% in mid‑May, keeping borrowing costs near the six‑percent threshold. Existing‑home sales edged up 0.2% to 4.02 million units, while sellers...